Explain IFRS? State its uses.
International Financial Reporting Standards (IFRS) are developed by International Accounting Standards Board (IASB) to bring uniformity by using single accounting standards.
Uses of IFRS:
- Globally, comparing the financial statement of any companies is feasible
- IFRS based financial statements helps the investors to make better decision
- Financial statement with IFRS, provides confidence to investors to raise or invest their funds
- IFRS assists accountants and auditors to render their services in countries
- IFRS helps the management to execute the plans globally
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